Minneapolis-based health tech startup Marani Health has raised a $3.7 million round of venture capital, it announced Thursday.
The round was led by SWL Healthcare Ventures and had participation from TFX Capital as well as a host of angel investors. Marani, which makes a remote fetal-monitoring device, has raised $5.5 million to date.
The firm started raising money in the fall but extended the raise into 2021 because of the return of Minnesota's angel tax credit, CEO Ann Holder said. Investors from across the country were drawn to the opportunity because of that credit, she said.
Marani recently pivoted from building its product for use in hospitals to a telehealth model, inspired in large part by the Covid-19 pandemic and its attendant increase in demands for remote care. That's helped it draw in investors.
"We're really hitting our stride at the right time in the marketplace," Holder said.
The firm will use the money to continue its efforts to get 510(k) clearance from the FDA. Marani expects to submit for the clearance later this year, Holder said.
Marani also announced that it has added Jodi Hubler to its board of directors. Hubler serves on the boards of a number of Twin Cities health care firms, including Central Logic and Omcare.
"With billions spent annually in the U.S. on pregnancy-related complications, Marani Health's comprehensive maternity health platform, which includes a proprietary sensing device, is the type of innovation we need," Hubler said in a statement.
Marani was previously known as Odonata Health Inc. and was co-founded by the Mayo Clinic. It has six full-time employees and a total team of 24 people. It is currently pre-revenue.
